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(Publishing-NewsWire.com, May 20, 2022 ) According to a research report "Identity and Access Management Market with COVID-19 Analysis, by Component (Solutions, Services), Solution (Data Directory, Identity Lifecycle Management), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the global Identity and Access Management market size is expected to grow from USD 13.4 billion in 2022 to USD 25.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2022 to 2027.
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Rising instances of security breaches and escalating instances of identity related fraud, growing awareness about compliance management, increasing need for IAM for IoT, and increased spending on cybersecurity following COVID-19 pandemic to boost the growth of IAM market across the globe during the forecast period. Moreover, Cultural shift from traditional IAM to IAM, proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model, and increasing integration of technologies, such as AI, ML, blockchain, and biometrics, into identity and access management would provide lucrative opportunities for IAM market vendors.
Solutions to have a higher market share during the forecast period
IAM solutions help businesses implement adequate security policies across all systems, platforms, applications, and devices. These benefits create a massive demand for IAM solutions in the market. The increase in data breaches is driving enterprises to adopt centralized security solutions, which is boosting the demand for IAM solutions and services. COVID-19 has exacerbated the challenges of managing digital identity. The later (post-COVID-19 onset) survey by Imprivata revealed that 71% of organizations use manual processes for identity management, which, in turn, can be prone to various identity frauds and identity theft; hence, organizations can see a surge in IAM solutions adoption rate.
Asia Pacific to grow at the highest CAGR during the forecast period
According to Jumio’s research, 4 out of 5 banks in Asia Pacific have witnessed a surge in losses due to fraud after the introduction of the real-time payment’s platform; 2 out of 5 banks confirmed that most fraudulent attacks are carried out through social engineering. Hence, the need for robust and transparent identity verification practices is gaining traction in Asia Pacific countries. Initiatives are taken by the government toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, which is also driving the need for robust and stronger IAM practices in Asia Pacific. Growth in the startup ecosystem in Asia Pacific is a major factor driving the growth of the IAM market in the region. The lack of common legislation frameworks among Asia Pacific countries has led to an inconsistent and complex cyber landscape in the region, forcing enterprises to implement advanced cybersecurity solutions. Governments in countries such as China, Singapore, and Japan are investing a significant portion of their federal budgets in developing cybersecurity tools. This is expected to drive the adoption of IAM solutions.
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Major vendors in the global IAM market include Microsoft (US), IBM (US), Oracle (US), Broadcom (US), Salesforce (US), Ping Identity (US), Okta (US), HID Global (US), ForgeRock (US), CyberArk (US), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), OneIdentity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US).
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Mr. Aashish Mehra